As of: April 2, 2024, 10:44 a.m
By: Mark Stoffers
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The pension increase is due in summer 2024. But not all pensioners will receive the pension bonus straight away on July 1st. This is due to the payment date.
Berlin – The “mega” pension increase in the summer of 2024 caused a stir among pensioners in Germany. Contrary to the traffic light coalition's forecast of a pension increase of 3.5 percent, the pension increase on July 1st will be even higher than expected at 4.57 percent. However, some people have to be patient a little longer than others when it comes to paying out their increased pension.
Pension increase in summer 2024: Not all pensioners will receive payment of the increased pension at the same time
When the pension increase is paid out in the summer of 2024, not all pensioners will receive the pension increase on July 1st at the same time, as the German pension insurance
confirmed when asked by
wa.de.
Due to the payment date, many pensioners only receive the pension increase at the end of the period. (Symbolic image/montage) © Sven Simon/imago & imagebroker/imago
The payment date for the pension is the same for all pensioners, the last working day of the month. However, not all recipients are treated equally. For those who applied for their old-age pension after April 2004 or will do so in the future, the pension insurance will pay out retroactively for the respective calendar month. This group will not see the pension increase from the pension increase in their account until July 31, 2024.
Pension increase on July 1, 2024: Difference between advance and arrears pension
However, the situation is different for pensioners whose retirement began before April 2004. You will receive the pension payment in advance, which also applies to the money from this year's pension increase in summer 2024. This means that these pensioners will receive their higher pension at the end of June.
Advance pension payment: for pension start before April 2004
Additional pension payment: for pension start after April 2004
The ratio of pensions paid “in advance” and “in arrears,” as it is officially called, was reversed in 2019. Until then, more people had received the money in advance, but since then there have been more pensioners who receive it retroactively for the current month.
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Pension increase in July 2024: Traffic light raves about pension plus – “Good news for pensioners”
After the announcement of the significant pension increase in 2024, the traffic light coalition in particular was enthusiastic. The reason for the hefty pension increase in July 2024 is “the strong labor market and good wage agreements,” explained Hubertus Heil (SPD) after the announcement in Berlin. In addition, the Labor Minister spoke of “good news for pensioners” in connection with rising pensions, as the pension adjustment was also “significantly” above the inflation rate.
In fact, inflation in Germany had recently weakened further; in February, consumer prices were still 2.5 percent higher than in the same month of the previous year. The inflation rate was last lower in June 2021.
However, Bundestag member Sahra Wagenknecht was much more critical in connection with the pension increase in the summer. Despite the unexpectedly high increase, Wagenknecht declared the significant pension increase this year to be “insufficient”.
Criticism of the pension increase in 2024: Wagenknecht calculates the pension increase
Despite the pension increase in 2024, Wagenknecht referred to the significant loss of purchasing power in recent years. “It is a little more than the current inflation, but it is still a disappointment for the 21 million pensioners, because food and energy have become extremely expensive in recent years,” Wagenknecht told the German
Press Agency some time ago
( dpa)
in Berlin.
The BSW boss also described the pension increase as “hardly understandable”. It still lags behind wage developments, even though the purchasing power of wages has been falling for years. This would mean that German pensions would remain well below the European average level. “And more and more old people have to radically limit themselves or work at food banks,” said Wagenknecht. “Debates about pensions supposedly rising too sharply (...) are completely out of place in this situation.”